Firm continues work for challenger bank on its way to reshape the SME business-banking market
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Gadens advised Judo Bank on its Australian financial services license (AFSL).
The AFSL was granted by the Australian Securities and Investments Commission concurrently with the authorised deposit-taking institution (ADI) license granted by Australian Prudential Regulation Authority.
Gadens partner Stephen Moulton and special counsel Caroline Ord headed the team, which included senior associate Natalie McCabe.
The licenses, along with the Australian credit license (ACL), which Gadens also advised on a year ago, makes Judo Bank Australia’s first challenger business bank committed to support Australian businesses, Gadens said.
The licenses also allow the company to fund loans to SMEs using a mix of wholesale funding and deposits. This creates an alternative source of business funding for SMEs, Gadens said.
The top firm said that it also advised Judo Bank on key aspects to the establishment of the business bank from scratch, including designing its tailored loan documents, deposit products, and service provider contracts. The national firm also continues to advise the bank on general commercial, employment, and IT matters.
